- MKR suffered from a drastic fall after an unsuccessful attempt of getting up the chart once again
- The token fell by 4.07% during the intraday session
- Its current market price is in the middle of its monthly high-low spectrum
Maker attempted another bullish climb after suffering from a previous bearish momentum but failed yet again. The token saw a rise in its price in less than an hour but fell again. MKR’s current market cap stands at $2.8 billion after facing a descent of 3.2% in its original value. The same happened with its trading volume but with greater intensity as it fell by 30.49% during the day trading.
The MKR/BTC pair stays neutral with a valuation of 0.05026 BTC, while the MKR/ETH pair got hit with an intraday loss of 2.39%, rounding off its value at 0.6911 ETH.
The 30-minute time frame chart shows the past performance as a reference. The current market price is trading over the 50 and 100 EMA lines but under the 200 EMA. The 200 EMA line can be used as a mark for looking at breakouts or breakdowns at prices.
For now, no breakout has occurred so far, and looks like the current trend of stagnance in market price is going to continue. The rectangular region marked may prove to be pivotal in decision making as it indicates a demand zone in the making.
Chances of a trend reversal present at the moment indicate MACD
After referring to the 4-hour time frame chart, one can notice that the current market price is still better than that of the last week of October by over 45%. Nevertheless, the MACD is still under the zero level but finally came above the signal line and tends to climb upwards. This may give out an indication of an upcoming bullish trend and a buying period for now.
The RSI, however, stays neutral with no radical movements for now. Hence, the RSI indicates no particular trade action.
The support is at $2699.342, and the resistance is at $3146.728.
Conclusion- MKR can go bullish over the next weekend due to its current market presence. The cryptocurrency may initially struggle before getting the bullish momentum. The current price may serve as a good buying point for the investors. However, it is advisable to conduct research first then invest according to personal needs and market risks.
Resistance- $3146.728
Support- $2699.342